Carlos Tavares is the new head of PSA Peugeot Citroen – official

Carlos Tavares, 55, is the new CEO of PSA Peugeot Citroen – the French automaker announced on Monday.

On the same time, PSA said Philippe Varin will serve as Group temporary advisor to support implementation of the agreements signed with the French State and Dongfeng Motor Group.

The former number two at Renault will have to lead a great battle – to turn back Europe’s second largest carmaker to profitability. And considering that Tavares is following in the footsteps of Ghosn, sent to Japan by then Renault CEO Louis Schweitzer to rescue Nissan in 1999 – the mission may be a success.

“Hiring Carlos Tavares is one of the best things PSA could have done to turn itself around,” said ex- chief financial officer for Renault and Nissan Alain Dassas.

In 2012, PSA announced a record 5 billion euro ($6.73 billion) net loss – and the automaker started to cut from everywhere. The French giant already announced more than 10,000 job cuts over three years and halted production at its doomed Aulnay plant near Paris in 2013.

A yellow finished Ferrari F430 has been crashed recently in China, on a wet highway, after its driver lost control of the wheel during overtaking another vehicle.
We end the week with yet another supercar crash which is now involving a Ferrari F430. The Italian vehicle has recently met its end on ...